Optivise Advisory Services LLC Makes New $234,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Optivise Advisory Services LLC acquired a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,026 shares of the technology company's stock, valued at approximately $234,000.

Several other hedge funds have also modified their holdings of ANET. Prosperity Wealth Management Inc. raised its holdings in Arista Networks by 10.0% during the 1st quarter. Prosperity Wealth Management Inc. now owns 21,459 shares of the technology company's stock valued at $1,663,000 after buying an additional 1,943 shares during the period. Boomfish Wealth Group LLC raised its holdings in Arista Networks by 5.2% during the 1st quarter. Boomfish Wealth Group LLC now owns 30,251 shares of the technology company's stock valued at $2,344,000 after buying an additional 1,493 shares during the period. Rakuten Securities Inc. raised its holdings in Arista Networks by 93.5% during the 1st quarter. Rakuten Securities Inc. now owns 7,075 shares of the technology company's stock valued at $548,000 after buying an additional 3,419 shares during the period. Insigneo Advisory Services LLC raised its holdings in Arista Networks by 34.5% during the 1st quarter. Insigneo Advisory Services LLC now owns 9,446 shares of the technology company's stock valued at $732,000 after buying an additional 2,424 shares during the period. Finally, Strategic Advisors LLC raised its holdings in Arista Networks by 110.6% during the 1st quarter. Strategic Advisors LLC now owns 23,130 shares of the technology company's stock valued at $1,792,000 after buying an additional 12,146 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Down 5.7%

ANET opened at $89.67 on Wednesday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The business's fifty day simple moving average is $86.61 and its 200-day simple moving average is $96.24. The company has a market capitalization of $112.62 billion, a price-to-earnings ratio of 37.96, a PEG ratio of 2.79 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has approved a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 over the last quarter. 3.54% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent research reports. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Citigroup upped their price objective on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Evercore ISI cut their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Redburn Atlantic initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.

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